SINGAPORE (Oct 23): Property group Wing Tai Holdings saw its 1Q earnings ended Sept rise nearly eightfold to $8.2 million from $1.1 million a year ago, on the back of disposal gains and higher contributions from overseas associates.
Revenue for the quarter was down 4% at $67.1 million compared to $70.2 million a year ago, with the bulk of revenue mainly attributable to additional units sold in Le Nouvel Ardmore in Singapore as well as Le Nouvel KLCC and Verticas Residences in Malaysia.
Operating profit in the quarter surged sixfold to $14 million from $2.3 million the previous year, due to contributions from the Malaysia properties as well as a gain on disposal of Wing Tai’s Hua Hai project in Shanghai.
A $16.7 million gain on disposal of subsidiary companies was also recorded in 1Q.
Share of profits of associated and joint venture companies grew 17% to $6.7 million due to higher contribution from Wing Tai Properties in Hong Kong.
As at end Sept, the group’s net asset value (NAV) per share was $4.05, lower than the $4.07 in end June.
Looking ahead, Wing Tai says it will continue to monitor the market closely order to realise the appropriate timings for the sale of more residential units in the current year.
Shares in Wing Tai closed 2 cents lower at $2.32 on Monday.
